Registered Company Number: 01210471 (England and Wales) Registered Charity Number: 1085930
Report of the Trustees and Financial Statements for the year ended 31 August 2023
HerriesEducationalTrust Limited
Herries Educational Trust Limited
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |
|---|---|
| Administrative Details | 1 |
| Report ofthe Trustees | 2to6 |
| Report ofthe Independent Auditors | 7to9 |
| Statement of Financial Activities | 10 |
| BalanceSheet | 11 |
| Statement ofCash Flows | 12 |
| NotestotheFinancialStatements | 13to18 |
Herries Educational Trust Limited
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 01210471 (England and Wales)
Registered Charity number 1085930
Registered office
Dean Lane Cookham Dean Berkshire SL6 SBD
Trustees
Ms C. Weaving Chair
Mr R. Buckeridge
Mrs E. Dutton Vice-chair
Ms H. Essa
Mr R. Grosse Headteacher Mr |. Johnson Mrs A. Malins Mr M. O’Conchuir Mr C. Proctor MrJ. Simpson Mrs A. Turner
Resigned 31 December 2022 Appointed 28 September 2022 Appointed 28 September 2022
Appointed 4 October 2023
Company Secretary
Mrs B. Felmer
REFERENCE AND ADMINISTRATIVE DETAILS Auditors Solicitors Just Audit & Assurance Ltd Gardner Leader LLP 37 Market Square First Floor, 7 Frascati Way Witney Maidenhead OX28 6RE SL6 4UY
Bankers Lloyds 56 High Street Marlow SL7 1AH
Page 1
Herries Educational Trust Limited
Report of the Trustees for the Year Ended 31 August 2023
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2023. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS102), effective from accounting periods commencing 1 January 2015 or later.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its Memorandum and Articles of Association incorporated on 1 May 1975 as amended by special resolutions dated 20 November 2000 and 12 February 2001. Herries Educational Trust Limited is a company limited by guarantee.
Recruitment and appointment of new trustees
The school recruits trustees both from parents of children at the school and from external contacts. Parent trustees are either co-opted to the Board or appointed by an election process with the electorate being feilow parents. The external trustees are appointed with regard to the skills that they bring to the board.
Trustees Induction and Training
New trustees undergo an orientation process to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and to inform them of the content of the Memorandum and Articles of Association, the decision making process, the business plan and recent performance of the charity. During their induction they meet with members of the senior leadership team, and they are given a comprehensive range of information and literature, for future reference.
Organisational structure
The trustees determine the general policy of the school. The day to day management of the school is delegated to the Head and his/her staff.
Risk management
The Board continues to keep the school’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal control and other viable means, including insurance cover where appropriate, by which those risks already identified by the trustees can best be mitigated. The school has closed circuit tv surveillance and an electronic entry system. The site is covered by a number of cameras and is monitored throughout the day by screens situated in the school’s administrative offices.
OBJECTIVES AND ACTIVITIES
Objectives
The main objective of the school is to educate boys and girls aged 2 — 11 years at Herries Preparatory School in Cookham Dean, Berkshire and to prepare pupils for the next stage of their education and to be able to live as responsible citizens in the modern-day world.
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Herries Educational Trust Limited
Report of the Trustees for the year ended 31 August 2023
Mission
Herries School is a non-selective learning community based on Christian principles which welcomes and provides inclusively for all children. We create an understanding and nurturing environment enabling our children to find joy in learning. Through academic success, arts and sporting achievements, creativity, independent thinking, culture and friendship, we prepare each child as a unique individual to live a happy, balanced and purposeful life.
Ethos
We believe that feeling at home in a caring environment is essential. Happy children achieve. Small class sizes allow us to monitor individual development and help children to explore and develop their talents. By placing personal development at the centre, we nurture and challenge our pupils. Through our careful guidance, pupils gain the confidence and independence required to achieve and maintain their personal best. In addition to a challenging curriculum, we encourage our children to explore a wide range of enrichment activities, including sports, art, music and drama. Our goal is that every child who leaves Herries is well prepared for senior school.
Aims
We aim to provide an excellent all round education to our children who will:
-
e benefit from a challenging, broad academic education
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e develop fully their creative, aesthetic, practical, physical, emotional and spiritual qualities and talents
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e benefit from belonging to a nurturing community where each child is known and cared for
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e develop respect, empathy, compassion and kindness
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¢ develop confident, well balanced individuals ready to become responsible citizens and leaders, and able to form strong and enduring relationships with others.
We succeed by preparing each of our children for the next step of their education, supporting their entry to the secondary school best suited to their individual needs, talents and potential.
Objectives and activities — Public Benefit Statement
The school seeks to fulfil its public benefit obligations by making the property available to the local community and participating in local events and supporting a number of charities.
Also, the school has a number of children who are receiving bursaries towards their fees. Each case is considered on its merits when awarding these bursaries. As funds permit the Board will continue to make these awards,
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Herries Educational Trust Limited
Report of the Trustees for the year ended 31 August 2023
Education
This year the school continued its success of previous years, both academically in maths and English, as well as in sport, music, drama and art. Our scores indicate outstanding teaching and learning occurring within the school. We are proud of our academic achievements and high quality enquiry based learning, Children passed entrance examinations for the senior schools of their choice, both state and independent. The assessment results for our pupils continue to show achievement above the national average and in relation to their personal starting points throughout all the levels and, increasingly, as they move up through the school. Their success is due to nurturing, a robust approach to learning and the opportunities they experience from our nursery onwards. The school is fortunate to have at its disposal first class, experienced teaching staff. The trustees and staff are committed to creating an environment that enables children to learn through enquiry and collaboration; enjoy their education; have individual needs met; individual talents nurtured and celebrated to maximise each child’s potential. Our pupils demonstrate improvement in independent learning habits and personal responsibility. Independent Schools Inspectorate declared Herries excellent in all areas in March 2022. Sport The school has a wide and varied sports and after school activity programme offering kick boxing, fencing, tag rugby, hockey, football, swimming, netball, tennis, athletics, dance, cross country and a number of assorted games designed for all ages. We are fortunate to be able to use the excellent local facilities of Bisham Abbey National Sport Centre, Cookham Dean Cricket Club, Longridge Activity Centre and local swimming pools. Herries pupils compete in sports fixtures and tournaments against other local and independent schools.
Buildings
The Board continues to keep the building under review to ensure that the children have the best environment conducive to enable them to perform at their best. A programme of refurbishment is continually reviewed. A new classroom has been completed by knocking through two rooms, providing an excellent teaching environment for our Year 4 children.
Financial Performance
The school had another good year with net incoming resources amounting to £148,903 (2022: £86,844). Income increased to £1,394,805 (2022: £1,208,740) and expenditure to £1,245,902 (2022: £1,121,896), representing the continued investment that the school makes in teaching, facilities and resources.
Fixed Assets We continued investing in Chromebooks to increase collaborative possibilities and create new ways of working. All classrooms now have new style screens, allowing for more effective use of the Chromebooks.
Investment policy and objectives
The trustees are authorised by the Memorandum of Association to invest monies not immediately required for the school’s purposes in investments, securities or property as may be thought fit.
Reserves policy
The Board has decided that the reserves policy of the school is to establish sufficient funds (including debt financing, if necessary) to continue to invest in the school, its fabric and development. It is the aim of the policy to maintain free reserves to cover at least the costs of running the school for one term. This target has been set after careful consideration given the need to ensure the continued security of the school and to maintain its asset base.
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Herries Educational Trust Limited
Report of the Trustees for the year ended 31 August 2023
Going concern
The school is increasingly successful and stable, and the trustees remain confident that the school is selfsufficient, with net incoming resources amounting to £148,903 (2022: £86,844) for the year ended 31 August 2023 and unrestricted reserves increased to £1,829,764 (2022: 1,680,861) as at 31 August 2023.
Plans for Future
The school has performed well throughout the year and the prospects for 2023/24 are good. The Board and the management work very hard to ensure the continued prosperity of the school and always seek to maintain the pupil intake at its optimum. Investment in the school continues and the Board is planning to further improve facilities. In particular, refurbishing the science/art room to provide more purposeful learning areas and investing in IT resources. We are also planning to extend our EYFS building to allow for free flow provision for our youngest children.
Our key academic targets are to influence academic outcomes and personal development by building effort, independence, responsibility and scholarly habits of mind. We plan to review our approach to ensure high quality teaching and learning that fosters enquiry-based learning, independence, thinking skills, creativity and critical thinking across the curriculum. We are creating new effort grades to spark aspiration and implement plans for progress.
In response to the family needs of our parents, we have improved our playground and sports facilities and we plan to enrich a programme of events. We continue to work on improving communications and marketing reach by strengthening home/school/community links. We have introduced a holiday programme for busy parents. We are increasing efficiency through the use of a new management information system.
The Herries Parents Association
There have been a number of appeals over the years principally for major building work and school equipment. We are indebted to the Herries Parents Association for their fundraising activity and their generous donations to the school. They are an integral part of the school and continue to work extremely hard to help the school prosper and develop. The most recent HPA grant was for 65” display panels.
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Herries Educational Trust Limited
Report of the Trustees for the Year Ended 31 August 2023
STATEMENT OF TRUSTEES RESPONSIBILITIES
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
The trustees (who are also the directors of Herries Educational Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
In preparing those financial statements, the trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles in the Charity SORP;
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e make judgements and estimates that are reasonable and prudent; ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies ' Act 2006) of which the charitable company’s auditors are unaware, and each trustee has taken all the steps they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of that information.
AUDITORS
The auditors, Just Audit & Assurance Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
ON BEHALF OF THE BOARD:
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x
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C. Weaving
Chair and Trustee
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Date: 17 January 2024
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Report of the Independent Auditors to the Members of Herries Educational Trust Limited
Opinion
We have audited the financial statements of Herries Educational Trust Limited for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and the Charities SORP 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities SORP 2015.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
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Report of the Independent Auditors to the Members of Herries Educational Trust Limited
Other information continued
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We exercise professional judgement and maintain professional scepticism throughout the audit. It is our responsibility to identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain evidence that is sufficient and appropriate to provide a basis for our opinion.
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Report of the Independent Auditors to the Members of Herries Educational Trust Limited
Because of the inherent limitations of an audit, there Is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk Is also Breater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation,
A further description of our responsibilities for the audit of the financial statements {s located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
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a
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This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other Purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. a Or Joriathan Russell {Senior Statutory Auditor) For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor 37 Market Square Witney OX28 GRE
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Date: GoongAsexe
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Herries Educational Trust Limited
Statement of Financial Activities for the Year Ended 31 August 2023
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||||||||
|---|---|---|---|---|---|---|
|31.8.23|31.8.22|
|Notes|Total|Funds|Total|Funds|
|£|£|
|INCOMING|RESOURCES|
|Incoming|resources|from|
|generated|funds|
|Activities|for generating|funds|2|1,394,805|1,208,740|
|RESOURCES|EXPENDED|
|Charitable|activities|
|Teaching costs and|school|expenses|3/8|958,528|870,217|
|Premises|costs|3|83,531|71,863|
|Management|and|administration|3/4|60,182|56,620|
|Governance|costs|5|7,876|7,850|
|Other|resources|expended|135,785|115,346|
|Total|resources|expended|1,245,902|1,121,896|
|NET|INCOMING/OUTGOING|
|RESOURCES|BEFORE|REVALUATION|148,903|86,844|
|Unrealised|surplus|on|revaluation|9|-|-|
|of freehold|property|
|NET|INCOMING|
|RESOURCES AFTER|REVALUATION|6|148,903|86,844|
|RECONCILIATION|OF|FUNDS’|
|Total|funds|brought forward|1,980,861|1,894,017|
|TOTAL|FUNDS CARRIED|FORWARD|2,129,764|1,980,861|
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Page 10
Herries Educational Trust Limited
Balance Sheet as at 31 August 2023
| 31.08.23 | 31.08.22 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Note | |||||
| FIXED ASSETS | |||||
| Tangible Assets | 9 | 1,885,426 | 1,870,308 | ||
| CURRENTASSETS | |||||
| Debtors CashatBankandonhand |
10 | 23,294 824,939 |
19,810 515,480 |
||
| TotalCurrentAssets | pi a 848,233 |
eh | 535,290 | ||
| CREDITORS | |||||
| Amountsfallingduewithinoneyear Loans |
11 | (445,967) - |
(261,687) | ||
| “ | |||||
| ee eee |
|||||
| NETCURRENT(LIABILITIES)/ASSETS | 402,266 | 273,603 | |||
| en | |||||
| TOTALASSETSLESSCURRENT LIABILITIES | 2,287,692 | 2,143,911 | |||
| CREDITORS | |||||
| Amounts falling due aftermore | thanoneyear | ||||
| Loans | 14 | (157,928) | (163,050) | ||
| NETASSETS ‘ |
2,129,764 | ||||
| FUNDS | |||||
| Unrestricted funds Freehold Property Revaluation Reserve |
13 9 |
1,829,764 300,000 |
1,680,861 300,000 |
||
| a | a | ||||
| TOTALFUNDS | 2,129,764 | 1,980,861 | |||
| Thefinancial statementswereapproved bythe 2024andwere signedon its behalfby: |
Board | of Trusteeson 17 January | |||
| C. WeavingCh fs, Chair lw V7 |
ay i |
Page | Ont E.Dutten 7 Vice-chair 11 |
Herries Educational Trust Limited
Statement of Cash Flows for the Year Ended 31 August 2023
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Notes|31.08.23|31.08.22|
|£|£|
|Net cash generated|from|operating|activities|14|359,430|100,531|
|Cash|flows from|investing|activities|
|Interest|income|=|-|
|Purchase|of tangible|fixed|assets|(44,850)|(37,988)|
|Disposals|of tangible|fixed|assets|-|-|
|Cash|used|in|investing|activities|(44,850)|(37,988)|
|Cash|outflows from|financing|activities|
|(Decrease)/|increase|in|loans|(5,122)|(6,491)|
|Cash|spent on|financing|activities|(5,121)|(6,491)|
|Increase|in|cash|and|cash|equivalents|in the|year|309,459|56,052|
|Cash|and|cash|equivalents|at|the|beginning|of the|year|515,480|459,428|
|Total|cash|and|cash|equivalents|at the end|of the|year|824,939|515,480|
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Herries Educational Trust Limited
Notes to the Financial Statement for the year ended 31 August 2023
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS 102) effective 1* January 2015’, Financial Reporting Standard 102 ‘Financial Reporting Standards applicable in the UK and the Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment, fixtures and fittings 20% on a reducing balance basis IT equipment 33% on a reducing balance basis Astroturf, Portacabin, Motor Vehicles 20% ona straight-line basis Items costing less than £250 are written off as an expense as required. Buildings are recorded at market value and therefore not depreciated.
Financial instruments
The company only has financial assets and liabilities that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.
Cash Flow
A statement is included in this set of statutory accounts.
Taxation
The charity is exempt from corporation tax on its cha ritable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees,
Pension costs and other post-retirement benefits
Until 31* August 2020 the school contributed to the Teachers’ Superannuation Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. Teachers joined APTIS, a defined contribution pension scheme, on 1% September 2020. The school also Operates a defined contribution pension scheme for non-teaching staff.
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Herries Educational Trust Limited
Notes to the Financial Statements for the Year Ended 31 August 2023 continued
| 2: | ACTIVITIES FOR GENERATING FUNDS | |||
|---|---|---|---|---|
| 31.8.23 | 31.8.22 | |||
| £ | £ | |||
| School fees receivable | 1,201,582 | 1,047,714 | ||
| Grants and donations | 1,093 | 4,970 | ||
| Trading turnover catering | 141,690 | 121,027 | ||
| Other income | 50,440 | 35,029 | ||
| 1,394,805 | 1, 208,740 | |||
| 3. | CHARITABLE ACTIVITIES COSTS | |||
| Direct costs | Support costs | Totals | ||
| (See note 4) | ||||
| £ | £ | £ | ||
| Teaching casts and school expenses | 958,528 | - | 958,528 | |
| Premisescosts | 83,531 | - | 83,531 | |
| Management and administration | - | 60,182 | 60,182 | |
| 1,042,059 | 60,182 | 1,102,241 | ||
| 4, | SUPPORT COSTS | |||
| 31.08.23 | 31.08.22 | |||
| £ | £ | |||
| Management and administration | 60,182 | 56,620 | ||
| Ly | GOVERNANCE COSTS | |||
| 31.8.23 | 31.8.22 | |||
| £ | ||||
| Auditors’ Fees | 6,600 | 4,000 | ||
| Other costs | 1,276 | 3,850 | ||
| Total | 7,876 | 7,850 | ||
| 6. | NETINCOMING/(OUTGOING)RESOURCES | |||
| Net resources are stated after charging: | ||||
| 31.8.23 | 31.8.22 | |||
| £ | £ | |||
| Audit fees, accountancy and inspection costs | 7,876 | 7,850 | ||
| Depreciation —owned assets | 29,731 | 32,344 | ||
| Total | 37,607 | 40,194 |
Page 14
Herries Educational Trust Limited
Notes to the Financial Statements for the year ended 31 August 2023 — continued
re EMPLOYEE AND TRUSTEES’ REMUNERATION AND BENEFITS There were no trustees’ expenses paid for the year ended 31 August 2023 or for the year ended 31 August 2022 as all expenses were waived. One member of staff who is a Director and Trustee received remuneration of £84,185 (2022: £79,276).
.
| 8. | STAFF COSTS | |||
|---|---|---|---|---|
| 31.8.23 | 31.8.22 | |||
| Wages andsalaries Social security costs Other pension costs OtherStaffCosts |
£ 734,236 60,521 75,118 6,719 |
£ 667,692 57,114 69,334 8,094 |
||
| 876,594 | 802,234 | |||
| STAFFNUMBERS | ||||
| Teaching Administration Facilities |
31.8.23 23 4 3 |
31.8.22 21 4 1 |
||
| 30 | 26 | |||
| 9. | TANGIBLE FIXED ASSETS | |||
| Freehold | Other | |||
| Property | Totals | |||
| COST | £ | £ | £ | |
| At 1September2022 Additions |
1,800,000 - |
384,077 44,850 |
2,184,077 44,850 |
|
| At31August 2023 | se 1,800,000 428,927 2,228,927 |
|||
| DEPRECIATION | ||||
| At 1September2022 | - | 313,769 | 313,769 | |
| Chargeforyear | - | 29,732 | 29,732 | |
| At31August2023 | eee - 343,501 343,501 |
|||
| NETBOOKVALUE | SS eee |
|||
| At 31August2023 | 1,800,000 | 85,426 | 1,885,426 | |
| At31August2022 | 1,800,000 | 70,308 | 1,870,308 |
Page 15
Herries Educational Trust Limited
Notes to the Financial Statements for the year ended 31 August 2023 — continued
9. TANGIBLE FIXED ASSETS continued
The Trustees have decided to hold the value of the school’s freehold property at market valuation. An opinion on the market value was undertaken by Pinders Professional & Consultancy Services Ltd, agents of Lloyds Bank, on 25 May 2018 and this value was adopted with effect from that date. The cost value of freehold property increased from £1,500,000 to £1,800,000. An unrealised surplus on revaluation of £300,000 is reflected in the accounts for the year ended 31 August 2023. Depreciation on the property has not been charged. The trustees believe that the value is still correct as at 31% August 2023.
10. DEBTORS
| 10. | DEBTORS | ||
|---|---|---|---|
| 31.8.23 | 31.8.22 | ||
| £ | £ | ||
| Fees | 6,133 | 3,413 | |
| Bad Debt Provision | - | - | |
| Total Net Fee Debtors | 6,133 | 3,413 | |
| Prepayments | 17,161 | 16,397 | |
| Other debtors | - | . | |
| 23,294 | 19,810 | ||
| 11, | CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | ||
| 31.8.23 | 31.8.22 | ||
| £ | £ | ||
| Trade creditors | 47,333 | 40,895 | |
| Social Security Costs and Taxes | 16,235 | 20,639 | |
| Accrued expenses | 6,600 | 5,250 | |
| Fees in advance | 277,601 | 106,399 | |
| End ofTerm Deposits | 78,900 | 65,900 | |
| Other creditors | 19,298 | 22,604 | |
| Total | 445,967 | 261,687 |
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Herries Educational Trust Limited
Notes to the Financial Statements for the year ended 31 August 2023 — continued
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|12.|MOVEMENT|IN|DEFERRED|INCOME|
|Fees|in advance|31.8.23|31.8.22|
|£|£|
|Amounts|brought forward|106,399|160,062|
|Amounts|paid|in|advance|this year|277,601|106,399|
|Amounts|released|(106,399)|(160,062)|
|Amounts carried forward|277,601|106,399|
|13.|MOVEMENT|IN|FUNDS|
|Net|movement|
|At|1.9.22|in|funds|At|31.8.23|
|£|£|£|
|General fund|unrestricted|1,680,861|148,903|1,829,764|
|Freehold|Property Revaluation|Reserve|300,000|-|300,000|
|Total Funds|1,980,861|148,903|2,129,764|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General fund|1,394,805|—|(1,245,902)|148,903|
|TOTAL FUNDS|||ee|
----- End of picture text -----
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Herries Educational Trust Limited
Notes to the Financial Statements for the Year Ended 31 August 2023 - continued
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Included in bank loans is an amount of £157,298 (2022 - £163,050), repayable in monthly instalments. The loan carries interest at base rate plus 3.2%. The loan matures on 12 May 2040 and is secured by way of fixed and floating charge over the assets of the Trust.
Amount due within 2-5 years £20,800
Amount due in over 5 years £137,128
15. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Net movement|in|funds|148,903|86,844|
|Add|back|depreciation|charge|29,731|33,940|
|Deduct|interest|income|shown|in|investing|activities|-|-|
|Deduct|unrealised|surplus on|revaluation|of freehold|-|-|
|property|
|(Increase)/ decrease|in|debtors|(3,484)|4,088|
|(Decrease)/|increase|in|creditors|184,280|(24,557)|
|Net cash generated from operating|activities|359,430|100,315|
----- End of picture text -----
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